In this episode, Patrick Ceresna and Kevin Muir welcome Phil Schmitt to the show. Phil has a long career on bay street as a derivatives trader and hedge fund manager. They have a terrific discussion about the problems with the 60/40 portfolio, active vs. passive, ESG and what he thinks is the biggest risk out there – inflation.Then, Will Thomson from Massif Capital is back on the show to talk about his latest gold pick and the problems with the Chinese nuclear leak.